Bermuda-based Avance Gas Holding Ltd has reported a net profit of $1.5 million for the second quarter of 2021.

The company, which is engaged in the transportation of liquefied petroleum gas, declared a dividend of two cents per share, corresponding to 100 per cent of net profit.

Reporting unaudited results for the quarter, Avance said the average time charter equivalent (TCE) rate was $28,774 on a discharge-to-discharge basis and $27,730/day on a load-to-discharge, compared to $36,754/day and $42,552/day in the first quarter of the year, respectively.

Daily operating expenses (OPEX) were $9,311/day, compared to $9,440/day in the first quarter.

The company said OPEX was impacted by Covid-19 crew and freight cost of $800/day, repair, and maintenance of approximately $360/day.

In July, the company signed a $104 million sustainability-linked financing agreement for the two first dual fuel newbuildings.

The transaction will secure financing of the two first dual fuel newbuildings, Avance Polaris and Avance Capella, scheduled for delivery in the fourth quarter of this year, and the first quarter of 2022.

For the third quarter of 2021, the company estimates a TCE rate on a discharge-to discharge basis of approximately $28,000/day contracted for 77 per cent of vessel days.

Avance Gas is one of the world's leading owners and operators of very large gas carriers (VLGC). It operates a fleet of 13 modern ships and six dual fuel LPG newbuildings due for delivery in Q4 2021, Q1 2022, Q4 2022 and Q1-Q4 2023.